Tyler, can you confirm that by your spreadsheet/maturity calculations, the Fed/Treas will have to roll over about $3 trillion in calendar year 2010? Question: is that $3 tril figure a net figure, or it in addition to new issues for new indebtedness? I passed along those figures to someone who was absolutely incredulous that the USA could be in that deep of a sinkhole. Yet there today is good ol' Paul K. at the Times calling everyone misguided who thinks worrying about the deficit should be a reason to back away from another $1 tril stimulus.

Sell before the auctions. Buy afterwards. It's a pattern that has played out for the past few months. Given the skiddish economic data floating around the world (and the relatively cheap price of Treasurys right now, given current exchange rates), U.S. debt won't be going out of vogue just yet.

The last auction - 2 weeks ago, I believe - actually had better demand than any auction so far this year. BUT, all hell might break loose when those 30's don't move...